第九章单元测试
- A discounted dividend model is defined as any model that computes the value of a share of stock as the present value of its expected future cash dividends.（ ）
- There are some implications of the constant-growth-rate discounted dividend model:（ ）
- A useful way to estimate a firm's value based on earnings and investment opportunities is to partition the firm's value into two parts: one is the present value of the current level of earnings projected into the future as a perpetuity, and another one is the net present value of any future investment opportunities : （ ）.
- Under the discounted dividend model, what is the value per share of a company expected to pay a $3.75 end-of-year dividend and have an ex-dividend price of $27.50 if the market capitalization rate is 7.5%? （ ）
- The DDM Corporation has just paid a cash dividend (D0) of $2 per share. It has consistently increased its cash dividends in the past by 5% per year, and you expect it to continue to do so. You estimate that the market capitalization rate for this stock should be 13% per year. What is your estimate of the intrinsic value of a share (derived using the DDM model)? （ ）
A:对 B:错
答案:对
A:the model is valid only if the expected growth rate of dividends is less than the market capitalization rate B:the model is valid only if the expected growth rate of dividends is greater than the market capitalization rate C:if the expected growth rate is zero, then the valuation formula reduces to the formula for the present value of a level perpetuity D:if the expected growth rate is zero, then the valuation formula cannot reduce to the formula for the present value of a level perpetuity
A:the net present value of any future net income B:the present value of the current level of earnings projected into the future as a perpetuity C:the net present value of any future investment opportunities D:the future value of the current level of earnings projected into the future as a perpetuity
A:$29.07 B:$31.25 C:$27.50 D:$23.75
A:$24.32 B:$23.55 C:$26.25 D:$25.51
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